Affordable Housing Renovation Underway In Manhattan

New York City Housing Authority (NYCHA) has revealed plans to significantly renovate and repair its aging portfolio of affordable housing properties in a deal valued at $271 million. Referred to as PACT, or Permanent Affordability Commitment Together, the consortium o

BY Realty Plus
Published - Monday, 07 Dec, 2020

Affordable Housing Renovation Underway In Manhattan

New York City Housing Authority (NYCHA) has revealed plans to significantly renovate and repair its aging portfolio of affordable housing properties in a deal valued at $271 million. Referred to as PACT, or Permanent Affordability Commitment Together, the consortium of public and private entities has committed to renovations on 16 individual buildings including 1,718 apartments throughout Manhattan. Once the properties convert to Project-Based Section 8, NYCHA will lease the land and buildings to the development partners, who will make repairs and serve as the property manager. NYCHA will continue to own the land and buildings, administer the Section 8 subsidy and waitlist, and monitor conditions at the development. NYCHA will also ensure that the partners adhere to standards outlined in the RAD Roundtable Guiding Principles created with NYCHA residents and advocacy groups to preserve resident protections and guarantee permanent affordability. Working in collaboration with NYCHA, the development teams will provide comprehensive upgrades to both individual apartments and common areas, building envelope improvements, energy efficient retrofits, extensive mold and lead abatement repair work, and improved safety and security measures, including fire systems, building intercoms, and security camera systems. Work will also include the full remediation of vital building systems including elevators, security, and heating systems.

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